Booktrack has closed a Series B investment round of USD5 million with COENT Venture Partners and Sparkbox Ventures as two of the lead investors.
Known as a trailblazer in the industry, Booktrack previously raised USD3 million USD with its Series A financing led by Sparkbox Ventures the previous year. The company will leverage the recent closing of the Series B investment round to drive rapid growth through marketing innovation, the acquisition of premium content and allowing any publisher, self-publisher or musician to create and sell Booktrack titles through the Booktrack marketplace.
This announcement comes on the heels of other major developments at Booktrack. Publishers and self-publishers are now able to market and sell their Booktrack titles to a new community of nearly 2.5 million engaged readers generating a new revenue stream. The company is also now selling Premium Booktracks created and choreographed by Booktrack's industry leading Sound Engineering team through their online eBook store. With this new channel, comes the addition of several new contemporary publishing partners and many popular, mainstream self-published authors.
"Booktrack is creating a new marketplace for authors, publishers and musicians to create soundtracks for their eBooks and reach a new audience of more than 2.5 million readers while earning new revenue streams," says CEO Paul Cameron. "Our vision has always been to advance digital publishing and content to connect readers with an exciting and modern way to experience an eBook with a soundtrack. This Series B raise of USD5 million will allow us to aggressively grow our reader base and premium content offering. Booktrack will continue to help schools, parents and people looking to re-engage with reading in a modern, immersive and fun way while also increasing comprehension and retention."
Booktrack has recently increased its global presence, opening a new office in Toronto dedicated to Marketing and Content Acquisition, expanding the executive management team with two new hires. Liz Ridout joins the company as Chief Marketing Officer and Cameron Drew joins as Vice President of Publishing. Both key leaders bring significant experience and success within the digital eBook/eReader market.
